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UAE and Saudi Arabian Banks Join Digital Currency Project

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Six banks from Saudi Arabia and the United Arab Emirates (UAE) have collaborated on a digital currency project, according to news delivered by Saudi Arabian financial news portal Argaam on February 5.

Pointing to comments from the UAE central bank (UAECB), Agraam relayed that the aim of the endeavor is to make use of cryptocurrency for financing transactions between Saudi Arabia and the UAE.

The news about working on a cryptocurrency by the two nations came way back in December 2018, when UAECB and Saudi Arabian Monetary Authority (SAMA) had declared that the countries sought to use cryptocurrency for cross-border transactions.

Today’s news underscores that six unnamed commercial banks will join the interbank digital currency project, which is called Aber, with a scheduled application in the next 12 months.

The article also adds:

“The currency’s official issuance is conditional on the outcomes of the “proof-of-concept” stage. The Saudi Arabian Monetary Authority (SAMA) and the UAECB will decide on the feasibility of the currency’s practical applications.”

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